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[ad_1] NEW DELHI: Adani Ports and Special Economic Zone Ltd (APSEZ) on Saturday said it has completed the acquisition of Karaikal Port Pvt Ltd (KPPL) pursuant to National Company Law Tribunal (NCLT) approval. Earlier, APSEZ was declared a successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of KPPL. Karaikal Port is an all-weather deep-water port in Puducherry with five operational berths, three railway sidings, total land area of over 600 hectares and a built-in cargo handling capacity of 21.5 MMT. "Acquisition consideration of Rs 1,485 crores implies an EV/EBITDA multiple of 8x on the FY23 estimated numbers," APSEZ said in a statement. According to the statement, the port is in proximity to the containerized cargo-originating industrial centres of Tamil Nadu, and the upcoming 9 MMTPA CPCL refinery. APSEZ CEO and whole-time director Karan Adani said, "With the acquisition of Karaikal port APSEZ now operates 14 ports in India. ...

[ad_1] SYDNEY: Index provider MSCI said it has cut the free-float designations of four securities of India's Adani group , a move which analysts have warned could impact their index weightings. MSCI said in a statement it has reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission and ACC. The remaining companies' free floats will remain the same. Adani did not immediately respond to a request for comment from Reuters. The four companies for which the free float designation change was announced had a combined 0.4% weighting in the MSCI emerging markets index as of January 30. The changes come into effect on March 1. Billionaire Gautam Adani has seen some $110 billion wiped off the value of seven firms in the group he founded after US short seller Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. Adani has denied any wrongdoing. Analysts had said a change in free float status could affect the weighti...

[ad_1] NEW DELHI: The Centre on Friday moved to soothe sentiments of investors, with finance minister Nirmala Sitharaman saying the exposure of banks and financial institutions to the Adani Group was well within permissible limits. She added that investor confidence in India would remain high as the markets were well-regulated. “India remains, as before, very well governed, (with a) stable government, and a very well-regulated financial market. As a result, investor confidence, which existed before, shall continue even now. Our regulators are normally very-very stringent about governance practices and therefore, one instance, however much talked about globally it may be, is not going to be indicative of how well financial markets are governed. So many lessons have been learnt over the decades and our regulators have kept the markets well in prime and prim condition,” the FM told a TV channel in her first comments since the report by Hindenburg Research hit Adani stocks. Keepi...

[ad_1] The deal happened through secondary market block deals. New Delhi: The embattled Adani Group has sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore as the apple-to-airport conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the USD 2 billion debt repayment due in the coming months. It sold shares in flagship incubating firm Adani Enterprises Ltd (AEL), port company Adani Ports and Special Economic Zone Ltd (APSEZ), electricity transmitting firm Adani Transmission Ltd (ATL) and renewable energy firm Adani Green Energy Ltd (AGEL). "GQG is investing in Adani portfolio companies which own and operate the largest airport and port platform in India, largest private sector transmission and distribution platform in India and that will generate about 9 per cent of India's renewable energy capacity by 2030," it said in a statement on Thursday. The deal happened t...

[ad_1] MUMBAI: Shares of Indian billionaire Gautam Adani ’s group declined on Monday after boards of two firms approved proposals to raise as much as $2.6 billion, with market watchers flagging concerns about potential equity dilution. Adani Enterprises Ltd , the incubator for new group businesses, slid 4.4% — the most intraday since May 3. The firm got a nod to raise as much as 125 billion rupees ($1.5 billion) via a Qualified Institutional Placement or other modes, according to an exchange filing Saturday. Adani Transmission Ltd can seek up to 85 billion rupees via similar methods, the utility said separately. The stock, which slumped last week amid global index provider MSCI Inc.’s move to exclude it from an India gauge, lost 4.6% in early Mumbai trading. “The approved fundraising is causing dilution concerns,” said Deepak Jasani, head of retail research at HDFC Securities Ltd in Mumbai, adding that the MSCI decision has also hurt sentiment for group stocks in general. The fu...

[ad_1] NEW DELHI: Leading bourse National Stock Exchange ( NSE ) on Tuesday raised the price band of four Adani Group firms, including Adani Power and Adani Transmission . The changes, which will be effective from Wednesday, will ensure that the price of the scrip cannot move upward or downward beyond a limit set for the day, according to a circular. NSE has enhanced the circuit limit of Adani Power to a maximum of 20 per cent from the current limit of 5 per cent. In addition, the exchange has increased the circuit limit of Adani Wilmar, Adani Green Energy and Adani Transmission to 10 per cent from the present 5 per cent level. The exchange has decided to revise the circuit limit of a total of 172 companies. In January, bourses BSE and NSE lowered the circuit limit of Adani Transmission, Adani Green Energy and Adani Total Gas. Generally, exchanges set the circuit limits to curb large movements in the price of shares in a very short time. The decision was taken after the heavy...

[ad_1] MUMBAI: Two months on from its explosive report into Gautam Adani ’s acquisitive conglomerate, short seller Hindenburg Research has left the Indian billionaire’s empire chastened and reevaluating its ambitions. Hindenburg’s allegations of extensive, years-long corporate fraud at the Adani group have wiped out about $125 billion in market value since January, spurring the tycoon to rein in plans to expand into new sectors, according to people familiar with the company’s inner workings. The group, which racked up one of India’s heftiest debt loads to fund fresh areas of growth, is pulling back from petrochemicals and is unlikely to go ahead with a planned $4 billion greenfield coal-to-polyvinyl chloride project in Mundra, western India, said the people, asking not to be identified on what are internal discussions. It’s also dialing back on ambitions to dive further into aluminum, steel and road projects, said the people. Instead, Adani — who has been closely associated wit...

[ad_1] NEW DELHI: Billionaire Gautam Adani has raised $1.38 billion (Rs 11,330 crore) through stake sale in three group companies, taking the total capital raised over four years to $9 billion as the conglomerate draws interest from a cross-section of investors. In a statement, the ports-to-energy conglomerate said it "is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies." "In the most recent instance, Adani family has raised $1.38 billion (Rs 11,330 crore) through stake sale in the three portfolio companies - Adani Enterprises Ltd, Adani Green Energy Ltd and Adani Transmission Ltd," it said. "This ensures higher capital availability at the group level, for growth as well as near-term commitments of both debt and equity for the portfolio companies over the next 12-18 months." In addition, the three portfolio ...

[ad_1] NEW DELHI: Adani Enterprises , the flagship firm of billionaire Gautam Adani's group, has bought a close to 30 per cent stake in Start Enterprises Pvt Ltd, which owns the online train ticket booking platform Trainman . Adani Enterprises last month announced that it has signed a pact to acquire 100 per cent of SEPL. In a stock exchange filing on Saturday, Adani Enterprises said Adani Digital Labs Pvt Ltd, a wholly-owned subsidiary of the company, has bought a 29.81 per cent stake in SEPL for Rs 3.56 crore. SEPL had a turnover of Rs 4.51 crore in 2022-23 (April 2022 to March 2023) fiscal year. While last month, Adani Enterprises had described SEPL as "an online train booking and information platform," on Saturday it described the firm as one into "e-commerce and website development." The announcement last month had led to a mini-controversy with Congress general secretary Jairam Ramesh seeking to suggest that Adani's takeover of Trainman may even...